DATE: 8/24/2021
NAME OF POSITION: Acquisitions Manager
PERSON’S SENIOR: Joan Olson
PURPOSE (The reason why this position exists): The purpose of the Acquisitions Manager position is to find homes that fit our criteria and have them bid on, then double-check the condition by getting the home inspected when it goes under contract. This ensures that we have the most information possible for the E&H sales team to sell the home to investors, as well as the EasyHomes sales team to sell to families in a much quicker capacity.
VIEWPOINT (The viewpoint that an employee should have to be successful at the job): As the Acquisitions Manager you must be resilient and optimistic, be able to do repetitive tasks. Homes should fall within our specific parameters prior to our companies purchase- what is expected out of this post is locating and bidding on the most viable homes. This is the foundation for what makes our company function, therefore a keen eye to spot any flaws prior to purchase, as well as a good phone presence to get the home inspected is an asset to you.
COMPUTER SKILLS REQUIRED:
- Excel
- Word
- Scraping Software
SKILLS REQUIRED: Great communication skills, Organizational skills, simple math, willingness to learn and solve problems. Ability to confront appropriate terminals for solutions to problems that do occur.
RESPONSIBILITIES OF THE POSITION:
- Using the scrape software to efficiently find the right properties to bid on
- Calling realtors and vendors
- Sending prospective bids to Qual and senior to look at
- Calculate ARV
WEEKLY ACTIONS:
Scrape several sites per week so there are always new homes to look at
Gather information about each home in the Acquisitions software so that we have enough information to place a bid
Get on Contract homes inspected
STATISTICS:
# of Properties Bid on
Valuable Final Product:
Make sure E&H always has inventory of inspected homes that can be sold to investors and families within 60 days after the close date and placement on our marketplace.
GLOSSARY OF TERMS:
ARV: The ARV (or After Repaired Value) definition states the following: the value of a property after it has been rehabbed, not in its current condition.
Sold As Is: Sellers list their homes for sale as-is when they don't want to do any repairs before closing. It means there are no guarantees from the seller that everything is in working condition. If you buy an “as-is” home and later find major problems, you're responsible for the repairs.
Listing Agent: A listing agent represents the seller in a real estate sale. Their job is to set a competitive price for the home and then bring in potential buyers to see it. While it's certainly possible to sell a house yourself, working with a listing agent gives you access to their knowledge of the local housing market.
Under Contract: Under contract means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. In some instances, a buyer may make the sale of the home contingent upon the sale of their current home so they don't have to deal with multiple mortgage payments.
Rental ARV: Since we have determined that the estimates online have been inaccurate, we have based our ARV off the listing, then we change the ARV until the investor price is reasonable, the family price is reasonable, and the rent is as close as possible to the current rent of the property, we also need the ARV to give us a net gain around 10k or above.
Seller Disclosure: A Seller's Disclosure, or property disclosure, is a legal document that sellers fill out to reveal and explain defects and conditions of the home they're selling (or events that happened on the property) that prospective buyers may find unfavorable.
Addendum: An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement. Any addendums that are attached can be very powerful.